Artificial Intelligence technology is probably one of the biggest trends for 2019. AI however has had a bad rap over the years with concerns on whether workers jobs could be put at risk due to AI implementation.
Some say that the development of new technologies will lead to a new revolution in the world of work and though there have been some concerns, some experts predict that the changes will have little effect on employment. Rather that those in work will need to adapt heir skills to manage and maintain the new technologies.
Is AI something that businesses should be scared of?
One of the main arguments for adopting this technology is the belief that in doing so, it will enable businesses to expand their consumer base and have a better advantage over competition. This in turn will help the business to grow and 75% of business owners believe that this could allow them to move into new businesses.
Introducing AI into your business will also allow you to streamline your processes, such as supply chain management and manufacturing, resulting in an ability to improve your overall customer service.
There are many costs involved with this implementation and the effect it could have on those currently employed could be concerning. However, if workers are willing and they have the support from employers, it is possible to retrain or expand their skillset meaning that they can help to contribute towards the success of these advancements and the overall business.
How can you use AI to advance your business?
Software: Many software’s available now permit the user to program particular rules for organising things such as invoicing and reports. This allows users to tailor certain software’s and programs, almost bespoke to their business needs.
Automation: By using algorithms you can streamline many of your businesses processes which may otherwise be time consuming. These can be monitored and optimised as your business grows and develops.
Data Analysing: There are many services available now which can automatically analyse the data of your sales, product range and consumer patterns which can allow you to adapt any areas which could improve.
Marketing: You may not have much spare time while running your business to implement a good marketing plan, but there are many processes which can be automated to save you time. You will also have access to data which shows how well your marketing functions are performing so you can modify to get better results.
What are the benefits?
By implementing AI technology, you could reduce operational costs, grow revenue, become more efficient and improve your customer service, as well as much more.
If successful and you are able to develop some processes internally then you may also be able to claim for R&D credit. If you think you may be eligible to claim, then please contact us for more information.
